Blueskytec, a cybersecurity hardware company based in Bath, has secured a £1.5m investment from the British Business Bank’s South West Investment Fund, managed by Maven.
Focused on protecting critical national infrastructure, Blueskytec develops physical hardware designed to protect the cybersecurity of sectors including defence, civil and energy.
The company claims that its process, being 100% hardware-based, eliminates the risk of being compromised by harmful software.
Blueskytec’s hardware is installed within critical systems acting as a ‘bump in the wire’, monintoring incoming and outgoing data with a permanently hard-wired rules.
“Cyber resilience is a critical priority for businesses and organisations across all sectors,” Lizzy Upton, senior investment manager at British Business Bank.
“Blueskytec is at the forefront of developing next-generation hardware security designed to protect sensitive infrastructure and we are delighted the South West Investment Fund is able to support their growth ambitions.”
The £200m South West Investment Fund was launched by British Business Bank in 2023 as part of a series of regionally-focused investment vehicles aimed at addressing the geographical disparity of startup funding in the UK.
The fund offers loans of up to £2m and equity investments of up to £5m.
“We are delighted to be partnered with Maven and the South West Investment Fund at this significant moment for the company,” said Chris Mobley chief executive of Blueskytec.
“The Maven team dedicated time and effort to thoroughly understand our business, which enabled them to clearly see the full potential of the technology.”
Rafi Khan, investment manager at Maven, added: “Blueskytec has developed a cybersecurity solution that addresses a critical gap in the market, particularly for infrastructure and operational technology systems.
“Given the rapidly expanding threat landscape and the regulatory imperative for enhanced cyber assurance, the addressable market for the company’s solution is large and growing.”
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